Why an Open House Can Create Competition

One of the things I like about an open house is that buyers can see that other people are interested in the property.

That can completely change the atmosphere around a sale.

If one buyer views your home on Tuesday and another views it on Friday, neither necessarily knows that the other exists. Put a number of serious buyers through the property on the same day and suddenly they can see the competition for themselves.

It is a little like an auction. You would rather have a room full of interested bidders than one person sitting there on their own.

I prefer open houses where buyers book individual viewing slots rather than simply turning up whenever they want. You can concentrate viewings into a short period and create a genuine sense of activity around the property.

Timing also matters.

Ideally, I would hold the open house within the first two weeks of marketing, when the property is fresh and attracting the greatest interest.

Of course, the property still needs to be presented properly and the asking price needs to be attractive enough to encourage people through the door.

An open house on an overpriced property is unlikely to magically solve the problem - but when the pricing, presentation and marketing all work together, an open house can create urgency, competition and potentially multiple offers.